PBOC Fines China Mobile's Third-Party Payment Provider for Violating Regulations
Liao Shumin
/SOURCE : Yicai
PBOC Fines China Mobile's Third-Party Payment Provider for Violating Regulations

(Yicai Global) Dec. 27 -- The People's Bank of China Changsha Central Sub-branch said yesterday that it fined the third-party payment provider of China Mobile Ltd. [HKG:0941] for violations of regulations on Dec. 7.

China Mobile E-commerce Co. received the CNY50,000 (USD7,600) administrative penalty after it failed to retain copies of customers' identity cards when setting up individual payment accounts; opened payment accounts for financial institutions or groups engaging in credit, financing, wealth management, guarantee, trust and currency exchange; and made payment accounts for customers without their consent.

The firm is responsible for China Mobile's near-field communication platform development, product research and development, and business operation. It obtained a license in 2011 to engage in mobile payment and bankcard businesses. It got approval to engage in internet payment and pre-paid card issuance and acceptance in April 2014.

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Keywords: China Mobile , Third-Party Payment Provider